EUR/USD Stable Before Today's EU Purchasing Index

By IBT Staff Reporter On 08/23/11 AT 12:55 AM

EUR/USD Open 1.4358 High 1.4434 Low 1.4346 Close 1.4357

On Monday Euro/Dollar traded within 90 pip range. The European currency appreciated from 1.4346 to 1.4434 yesterday, matching the positive Interbank sentiment projection at almost +2%, closing the day at 1.4357. This morning the Euro is trading quietly against the Dollar, with movements within yesterday's range for now. On the 1 hour chart quotes are back into the range, while on the 3 hour chart trading is within wider range. Break above the nearest resistance and yesterday's top at 1.4434 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4346, however, would confirm continuation of the bearish trend, towards next objective downwards 1.4230. Today's focus is on France, Germany and EU17 PMI, at 7, 7:30 and 8 GMT respectively. Quotes are moving bellow the 20 and in line with the 50 EMA on the 1 hour chart, indicating short term bearish and medium term neutral pressure. The value of the RSI indicator is neutral and inclining upwards, MACD is neutral and quiet, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving overall neutral signals. Technical resistance levels: 1.4434 1.4550 1.4669 Technical support levels: 1.4346 1.4230 1.4112

Yesterday we made +49 pips profit on EUR/USD from the following signal: 5:28 GMT+1 Buy EUR/USD at 1.4366 SL 1.4340 TP 1.4416, exit sent at 9:02 GMT+1. Total yesterday +141, as shown in details at http://www.zifx.com/performance.php.